Bitget Wallet Traces Stablecoins to Eurodollar’s 1950s Roots

The eurodollar market emerged in the 1950s as U.S. dollar deposits accumulated in banks outside the United States. By allowing dollars to circulate beyond the direct confines of the domestic banking system, the market helped extend the currency’s role in offshore clearing, financing and credit creation. Its evolution over roughly seven decades provides the historical backdrop for today’s debate over blockchain-based dollars.

In a recent study, Bitget Wallet Research Institute argues that stablecoins are less a new invention than the latest form of offshore dollar expansion. The report describes a shift from closed bank ledgers to borderless blockchain records, where users can hold dollar-linked assets through self-custody wallets. That transition could reshape who controls asset custody and how dollar credit is carried, while moving part of the clearing function beyond traditional banks.